Crypto businesses operating in Pakistan finally have a formal channel to seek legal approval, after the Pakistan Virtual Assets Regulatory Authority(PVARA) switched on its licensing portal this week. The launch follows the notification of rules spelling out exactly how exchanges and other virtual asset service providers must conduct themselves under the country’s new regulatory regime.
For firms already active in the space, the clock is ticking toward a hard deadline. Companies that were providing virtual asset services on or before March 5 fall under transitional protections built into the law, but those protections come with a catch. Every one of these firms must file a no-objection certificate application through PVARA’s portal by September 5, or face being locked out of the market entirely once that date passes.
The stakes go beyond losing access to customers. PVARA has made clear that any company still operating past the September 5 deadline without a submitted application will be committing an offense under Section 70 of the Virtual Assets Act. This rule applies evenly to domestic operators and overseas firms serving Pakistani users alike, folding both groups into a single system where staying in business now requires clearing a formal approval process.
In a statement posted to LinkedIn, PVARA celebrated the portal’s launch as a significant step forward, saying it gives companies “a clear pathway” into the country’s regulated market. The agency also pointed to broader goals behind the framework, including stronger consumer protections, improved governance standards, tighter compliance expectations, and better overall market integrity.
Rather than issuing one generic license for everyone, PVARA split the framework into several distinct categories tailored to different business types. Companies can seek approval for advisory services, broker-dealer activity, asset custody, exchange operations, lending and borrowing, derivatives, asset management, transfer and settlement services, token issuance, or mining-related work, depending on what they actually do.
Firms offering multiple types of services can apply for several licenses at once through the same portal. The specifics vary by category, exchange licenses, for instance, cover platforms that let users swap crypto for cash or trade between different digital assets, while custody licenses are reserved for companies that hold customer funds directly or manage the access credentials tied to them.
